Table 1. On February 1, Company E purchased $9,500.00 worth of inventory on terms: 2/10, n/30, FOB Shipping Point on account from Company F. The…
Table 1. On February 1, Company E purchased $9,500.00 worth of inventory on terms: 2/10, n/30, FOB Shipping Point on account from Company F. The Freight Charge is $200.00. On February 2, Company E returned $500 worth of merchandise purchased to Company F. The company uses perpetual inventory system. Refer to Table 1, the entry on Company E’s books to record the purchased of merchandise […]